Loan secretary vs loan processor

The differences between loan secretaries and loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan secretary and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Loan secretary vs loan processor overview

	Loan Secretary	Loan Processor
Yearly salary	$35,271	$38,122
Hourly rate	$16.96	$18.33
Growth rate	-3%	-3%
Number of jobs	15,452	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 46%
Average age	42	42
Years of experience	4	4

Loan secretary vs loan processor salary

Loan secretaries and loan processors have different pay scales, as shown below.

	Loan Secretary	Loan Processor
Average salary	$35,271	$38,122
Salary range	Between $26,000 And $46,000	Between $28,000 And $50,000
Highest paying City	-	San Francisco, CA
Highest paying state	-	West Virginia
Best paying company	-	Stanford University
Best paying industry	-	Finance

Differences between loan secretary and loan processor education

There are a few differences between a loan secretary and a loan processor in terms of educational background:

	Loan Secretary	Loan Processor
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs loan processor demographics

Here are the differences between loan secretaries' and loan processors' demographics:

	Loan Secretary	Loan Processor
Average age	42	42
Gender ratio	Male, 3.6% Female, 96.4%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%	Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4%
LGBT Percentage	7%	7%

Differences between loan secretary and loan processor duties and responsibilities

Loan secretary example responsibilities.

Prepare and file UCC's and title applications.
Process auto title work, life insurance, UCC filing and recording.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Determine loan DU eligibility and submit files to underwriting department.

Loan processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Review and verify documentation consistent with company policies and compliance of FNMA, FHLMC, FHA/VA, USDA guidelines.
Gather all documentation necessary to process mortgage loans in accordance with FNMA and credit union guidelines/requirements.
Disclose and re-disclose the LE's and Prelim TRID require CD.
Upload monthly reports to FHLMC including principal & interest reports, delinquent loans and appraisals.
Ensure conditions on USDA commitments are met and loan files are prepared for closing on time.

Loan secretary vs loan processor skills

Common loan secretary skills

Customer Service, 28%
Real Estate Loans, 8%
Financial Statements, 8%
Commercial Loans, 6%
Credit Reports, 6%
Computer System, 4%

Common loan processor skills

Loan Applications, 22%
Customer Service, 20%
Property Appraisals, 5%
Mortgage Loans, 5%
Credit Reports, 5%
FHA, 4%